The RTGS system implemented by the Reserve Bank has been in operation for more than four years. The system has also stabilised over the years and has been witnessing increased coverage in terms of bank branches and transaction volume.The volume of RTGS (Real Time Gross Settlement System ) transactions is increasing rapidly. RTGS settled 1.94 million transactions in the month of March 2009 as against 0.72 million transactions in March 2008. Customer transactions settling in RTGS presently constitute 89 percent of total RTGS transactions and are growing.
At a recent meeting with major banks, Reserve Bank of India reviewed the entire gamut of RTGS customer transactions with a view to making them more user friendly. Based on these discussions, the following decisions have been taken for implementation by RTGS member banks latest by June 01, 2009.
1. It is treiterated that in a Straight Through Processing (STP) environment, standardization is very much necessary and uniformity in message format is a pre requisite for the success of STP.
2. RTGS Customers have been complaining that there is no uniformity on information provided to the customer in the pass books / account statements by different banks. Some banks merely indicate `RTGS credit’ without details while other banks are giving sender's bank account number or UTR number of the transactions etc. Customer is receiving multiple RTGS credits on a given date, is at a loss to understand the source of funds leading to reconciliation issues.
RBI has therefore, advised that
a) A bank customer receiving RTGS credit shall be provided with the name of the remitter in his account statements / pass book.
b) A bank customer sending a RTGS remittance shall be provided with the name of the beneficiary in his account statements / pass book.
The banks are free to provide any additional information as they deem necessary / useful.
Thursday, April 30, 2009
Security, Privacy, and Cost major barriers to mass adoption of mobile banking, says KPMG's US survey
April 8, 2009: U.S. consumers believe mobile banking is important but do no not want to pay for it and also are wary of using their mobile devices such as cell phones, smartphones, and personal digital assistants (PDAs) for financial transactions and online banking, according to results of a survey conducted by KPMG LLP, the audit, tax and advisory firm.
KPMG's third annual Global Consumers and Convergence survey of more than 4,000 people in 19 countries worldwide, which examines trends in the use of mobile technology, revealed that 85 percent of U.S. respondents believe mobile banking is important but they do not want to pay for it. The overwhelming majority of U.S. respondents said they had never tried banking through a mobile device (91 percent).
Of those respondents who have not conducted banking through a mobile device, 48 percent cited security and privacy as the primary reason.
"Mobile banking is another vehicle banks can utilize to make banking more accessible to customers," said Carl Carande, a principal in KPMG LLP's Advisory and Banking and Finance practices. "Consumers value banking services that make their lives simpler and more manageable and mobile banking affords this convenience, so banks that address concerns over security, privacy, and costs may be better able to retain existing customers and attract new ones."
Some 68 percent of U.S. respondents also said that their current bank does not offer banking through a mobile device and only nine percent said they had tried mobile banking.
"The fact that the majority of U.S. consumers are not aware that their current banks offer mobile banking is clearly more perception than reality," added Carande. "Banks will need to work harder to increase customer awareness of the availability of mobile banking and clearly articulate the value proposition of the service before consumers are willing to pay for it -- especially in this economic environment."
Despite the pricing, privacy, and security concerns, 19 percent of U.S. respondents said they are at least "somewhat likely" to use their mobile device for online banking in the next 12 months. In addition, seven percent said they are willing to pay at least a nominal fee to access online banking services from their mobile device.
KPMG's third annual Global Consumers and Convergence survey of more than 4,000 people in 19 countries worldwide, which examines trends in the use of mobile technology, revealed that 85 percent of U.S. respondents believe mobile banking is important but they do not want to pay for it. The overwhelming majority of U.S. respondents said they had never tried banking through a mobile device (91 percent).
Of those respondents who have not conducted banking through a mobile device, 48 percent cited security and privacy as the primary reason.
"Mobile banking is another vehicle banks can utilize to make banking more accessible to customers," said Carl Carande, a principal in KPMG LLP's Advisory and Banking and Finance practices. "Consumers value banking services that make their lives simpler and more manageable and mobile banking affords this convenience, so banks that address concerns over security, privacy, and costs may be better able to retain existing customers and attract new ones."
Some 68 percent of U.S. respondents also said that their current bank does not offer banking through a mobile device and only nine percent said they had tried mobile banking.
"The fact that the majority of U.S. consumers are not aware that their current banks offer mobile banking is clearly more perception than reality," added Carande. "Banks will need to work harder to increase customer awareness of the availability of mobile banking and clearly articulate the value proposition of the service before consumers are willing to pay for it -- especially in this economic environment."
Despite the pricing, privacy, and security concerns, 19 percent of U.S. respondents said they are at least "somewhat likely" to use their mobile device for online banking in the next 12 months. In addition, seven percent said they are willing to pay at least a nominal fee to access online banking services from their mobile device.
19 co-operative banks in India go insolvent during 2008-09
The Reserve Bank's credit insurance arm has paid over Rs 142 crore to depositors of 19 cooperative banks that have gone bankrupt in 2008-09.During 2007-08, as many as 22 cooperative banks closed operations.
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI, pays a maximum of Rs 1 lakh per depositor in case a bank goes insolvent.
The following is the list of 19 co-operative banks that went bust and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation Claims during 2008-09:
Among the 19 failed cooperative banks, the highest amount of Rs45.41 crore was paid to depositors of Co-operative Bank Ltd, Gonda, UP; followed by The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs17.75 crore); Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs16.71 crore); Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs16.23 crore) and Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh (Rs13.17 crore).
The following is the list of co-operative banks that went burst and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation claims during 2008-09:
1) District Co-operative Bank Ltd, Gonda, Uttar Pradesh (Rs 4,541.12 lakh);
2) The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs 1,774.72 lakh);
3) Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs 1,671.06 lakh);
4) Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs 1,623.20 lakh);
5) Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh
(Rs 1317.17 lakh);
6) Bharuch Nagarik Sahakari Bank Ltd, Bharuch, Gujarat (Rs 715.12 lakh);
7) Shree Janta Sahakari Bank Ltd, Radhanpur, Gujarat (Rs 464.23 lakh);
8) Indian Co-operative Development Bank Ltd, Meerut, UP (Rs 372.58 lakh);
9) The Challakere Urban Co-operative Bank Ltd,(under liquidation), Challakere, Karnataka (Rs 322 lakh);
10) The Harugeri Urban Co-op Bank Ltd, Harugeri, Karnataka (Rs 317.50 lakh);
11) Varada Co-op Bank Ltd, Karjagi, Dist, Haveri, Karnataka (Rs 239.64 lakh);
12) Talod Janta Sahakari Bank Limited, Talode, Gujarat (Rs 234.86 lakh);
13) Kittur Rani Channamma Mahila Pattana Sahakari Bank Ltd, Hubli, Karnataka
(Rs 227.67 lakh);
14) Ichalkaranji Jiveshwar Sahakari Bank Ltd, Ichalkaranji, Maharashtra (Rs 98.22 lakh);
15) Sarvodaya Mahila Co-operative Bank Ltd, Burhanpur, MP (Rs 76.95 lakh);
16) Chetak Urban co-operative bank Ltd, Parbhani, Maharashtra (Rs 68.55 lakh);
17) Nagaon Urban Co-operative bank Ltd. Nagaon, Assam, (Rs 61.31 lakh);
18) The Dakor Mahila Nagrik Sahakari Bank Ltd, Gujarat (Rs 52 lakh);
19) Basavakalyan Pattana Sahakari Bank Niyamitha, Basaganj, Karnataka
(Rs 24.96 lakh);
The Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly-owned subsidiary of the RBI, pays a maximum of Rs 1 lakh per depositor in case a bank goes insolvent.
The following is the list of 19 co-operative banks that went bust and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation Claims during 2008-09:
Among the 19 failed cooperative banks, the highest amount of Rs45.41 crore was paid to depositors of Co-operative Bank Ltd, Gonda, UP; followed by The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs17.75 crore); Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs16.71 crore); Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs16.23 crore) and Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh (Rs13.17 crore).
The following is the list of co-operative banks that went burst and claims on which were settled by Deposit Insurance and Credit Guarantee Corporation claims during 2008-09:
1) District Co-operative Bank Ltd, Gonda, Uttar Pradesh (Rs 4,541.12 lakh);
2) The Maratha Co-operative Bank Ltd, Hubli, Karnataka (Rs 1,774.72 lakh);
3) Parivartan Co-operative Bank Ltd, Mumbai, Maharashtra (Rs 1,671.06 lakh);
4) Ravi Co-op Bank Ltd, Kolhapur, Maharashtra (Rs 1,623.20 lakh);
5) Indira Priyadarshini Mahila Nagarik Sahakari Bank Ltd, Raipur, Chhattisgarh
(Rs 1317.17 lakh);
6) Bharuch Nagarik Sahakari Bank Ltd, Bharuch, Gujarat (Rs 715.12 lakh);
7) Shree Janta Sahakari Bank Ltd, Radhanpur, Gujarat (Rs 464.23 lakh);
8) Indian Co-operative Development Bank Ltd, Meerut, UP (Rs 372.58 lakh);
9) The Challakere Urban Co-operative Bank Ltd,(under liquidation), Challakere, Karnataka (Rs 322 lakh);
10) The Harugeri Urban Co-op Bank Ltd, Harugeri, Karnataka (Rs 317.50 lakh);
11) Varada Co-op Bank Ltd, Karjagi, Dist, Haveri, Karnataka (Rs 239.64 lakh);
12) Talod Janta Sahakari Bank Limited, Talode, Gujarat (Rs 234.86 lakh);
13) Kittur Rani Channamma Mahila Pattana Sahakari Bank Ltd, Hubli, Karnataka
(Rs 227.67 lakh);
14) Ichalkaranji Jiveshwar Sahakari Bank Ltd, Ichalkaranji, Maharashtra (Rs 98.22 lakh);
15) Sarvodaya Mahila Co-operative Bank Ltd, Burhanpur, MP (Rs 76.95 lakh);
16) Chetak Urban co-operative bank Ltd, Parbhani, Maharashtra (Rs 68.55 lakh);
17) Nagaon Urban Co-operative bank Ltd. Nagaon, Assam, (Rs 61.31 lakh);
18) The Dakor Mahila Nagrik Sahakari Bank Ltd, Gujarat (Rs 52 lakh);
19) Basavakalyan Pattana Sahakari Bank Niyamitha, Basaganj, Karnataka
(Rs 24.96 lakh);
Mixed reactions from Banks, Economists, India Inc on RBI Annual Policy Statement for the Year 2009-10
Mixed reactions from Banks, Economists, India Inc on RBI Annual Policy Statement for the Year 2009-10
O P Bhatt, Chairman, State Bank of India: "It (the RBI rate cuts) is a very clear-cut signal that interest rates should ease."
K V Kamath, MD & CEO, ICICI Bank: Describing the RBI's stance as an "innovative and far- reaching policy Mr Kamath, said it would have a significant impact on spurring economic growth.
Yogesh Agarwal, CMD, IDBI Bank: The cut in policy rates by RBI was aimed at easing the liquidity situation, but the bank would watch the market conditions before revising its rate-structure.
M D Mallya, CMD, Bank of Baroda: RBI has given a strong signal that interest rates should ease. It is for individual banks to find out how they can balance their asset and liability position, he added. "There would be a downward bias on interest rates. We need to see several things... the cost of deposit has to decline," he said.
M S Sundararajan, CMD, Indian Bank: “It is a signal for softer interest rates and banks will also address correspondingly.”
Romesh Sobti, MD & CEO, IndusInd Bank: The cut in the Repo Rate is a facilitating nudge to the downtrend in lending rates as RBI remains concerned about the lag between cut in Policy Rates and lending rates of banks. The benefit will definitely will accrue to borrowers with a downward shift in rate structure
Rana Kapoor, MD & CEO, YES Bank: The RBI has hit the pause button after four months of persistent monetary easing since October 2008. Slowing growth remains a concern. "With limited headroom in further fiscal accomodation, the onus was largely on monetary policy measures to step up growth," Mr Kapoor said.
Chanda Kochhar, Joint MD, ICICI Bank: The proactive stance in the current environment is commendable and the continued support to systemic liquidity and lower interest rates is welcome. The policy also strikes a good balance between promoting growth and financial sector development and stability. Overall, the policy indicates development of a healthy financial sector and a stable macroeconomic environment, Kochhar said. The credit policy statement is a welcome articulation of a growth oriented policy stance, she added.
O P Bhatt, Chairman, State Bank of India: "It (the RBI rate cuts) is a very clear-cut signal that interest rates should ease."
K V Kamath, MD & CEO, ICICI Bank: Describing the RBI's stance as an "innovative and far- reaching policy Mr Kamath, said it would have a significant impact on spurring economic growth.
Yogesh Agarwal, CMD, IDBI Bank: The cut in policy rates by RBI was aimed at easing the liquidity situation, but the bank would watch the market conditions before revising its rate-structure.
M D Mallya, CMD, Bank of Baroda: RBI has given a strong signal that interest rates should ease. It is for individual banks to find out how they can balance their asset and liability position, he added. "There would be a downward bias on interest rates. We need to see several things... the cost of deposit has to decline," he said.
M S Sundararajan, CMD, Indian Bank: “It is a signal for softer interest rates and banks will also address correspondingly.”
Romesh Sobti, MD & CEO, IndusInd Bank: The cut in the Repo Rate is a facilitating nudge to the downtrend in lending rates as RBI remains concerned about the lag between cut in Policy Rates and lending rates of banks. The benefit will definitely will accrue to borrowers with a downward shift in rate structure
Rana Kapoor, MD & CEO, YES Bank: The RBI has hit the pause button after four months of persistent monetary easing since October 2008. Slowing growth remains a concern. "With limited headroom in further fiscal accomodation, the onus was largely on monetary policy measures to step up growth," Mr Kapoor said.
Chanda Kochhar, Joint MD, ICICI Bank: The proactive stance in the current environment is commendable and the continued support to systemic liquidity and lower interest rates is welcome. The policy also strikes a good balance between promoting growth and financial sector development and stability. Overall, the policy indicates development of a healthy financial sector and a stable macroeconomic environment, Kochhar said. The credit policy statement is a welcome articulation of a growth oriented policy stance, she added.
LATEST LENDING RATES
Union Bank of India reduced its Benchmark Prime Lending Rate (BPLR) by 50 basis points to 12 per cent from 12.5 per cent with effect from 1st April 2009.
Bank of Baroda cut its benchmark prime lending rate by 50 basis points to 12 per cent from 12.5 percent with effect from. 1st April 2009.
Bank of India has cut its prime lending rate by 50 basis points to 12 per cent from 12.5 percent with effect from 1st April 2009.
Punjab National Bank cut its PLR by 50 basis points from 12% to 11.50%. The reduced rates would come into effect from 1st February 2009.
Uco Bank cut its PLR by 50 basis points to 12.50 per cent from 13 per cent with effect from 1st March 2009.
Central Bank of India cut its lending rates by 0.75 per cent to 12.5 percent with effect from 12th January, 2009.
Canara Bank has taken an in-principle decision to cut its BPLR by 75 basis points to 12.5 per cent with effect from 1st January, 2009.
Corporation Bank cut its prime lending rate by 75 basis points to 12.50 percent from 13.25 percent, with effect from 1st January, 2009.
IDBI Bank has reduced its benchmark prime lending rate (BPLR) by 0.75 per cent to 13.50 per cent. The change takes effect from 8th November, 2008 .
Indian Overseas Bank cut its benchmark prime lending rate by 75 basis points to 13.25 percent, with effect from 6th November, 2008.
Syndicate Bank also revised its benchmark prime lending rate by 75 bps to 13.25% from 4th November 2008.
Oriental Bank of Commerce cut its benchmark prime lending rate by 75 basis points to 13.25 percent with effect from 6th November 2008.
Andhra Bank, reduced its benchmark prime lending rate (BPLR) by 0.75% to 13.25% with effect from 10th November, 2008.
United Bank of India also reduced its PLR by 50 bps to 13.50 per cent with effect from 10th November, 2008.
PRIVATE SECTOR BANKS
HDFC Bank has reduced its BPLR by 50 basis points to 16 per cent, effective 1st January 2009.
Yes Bank has reduced its prime lending rate by 0.50 per cent which accordingly stands reduced to 16.5 per cent from the earlier 17 per cent.
ICICI bank has cut its lending rates by 0.5 percentage point to 16.75 per cent from 17.25 per cent with effect from 31st December 2008.
OTHERS
Among foreign banks, Citibank lowered its benchmark lending rates by 50 bps to 15% with effect from 6th November, 2008.
Housing Development Finance Corporation (HDFC), the country's premier home loan provider reduced Retail Prime Lending Rate (RPLR) by 0.5 percentage point to 14 per cent from 14.5 per cent with effect from 25th March 2009.
Bank of Baroda cut its benchmark prime lending rate by 50 basis points to 12 per cent from 12.5 percent with effect from. 1st April 2009.
Bank of India has cut its prime lending rate by 50 basis points to 12 per cent from 12.5 percent with effect from 1st April 2009.
Punjab National Bank cut its PLR by 50 basis points from 12% to 11.50%. The reduced rates would come into effect from 1st February 2009.
Uco Bank cut its PLR by 50 basis points to 12.50 per cent from 13 per cent with effect from 1st March 2009.
Central Bank of India cut its lending rates by 0.75 per cent to 12.5 percent with effect from 12th January, 2009.
Canara Bank has taken an in-principle decision to cut its BPLR by 75 basis points to 12.5 per cent with effect from 1st January, 2009.
Corporation Bank cut its prime lending rate by 75 basis points to 12.50 percent from 13.25 percent, with effect from 1st January, 2009.
IDBI Bank has reduced its benchmark prime lending rate (BPLR) by 0.75 per cent to 13.50 per cent. The change takes effect from 8th November, 2008 .
Indian Overseas Bank cut its benchmark prime lending rate by 75 basis points to 13.25 percent, with effect from 6th November, 2008.
Syndicate Bank also revised its benchmark prime lending rate by 75 bps to 13.25% from 4th November 2008.
Oriental Bank of Commerce cut its benchmark prime lending rate by 75 basis points to 13.25 percent with effect from 6th November 2008.
Andhra Bank, reduced its benchmark prime lending rate (BPLR) by 0.75% to 13.25% with effect from 10th November, 2008.
United Bank of India also reduced its PLR by 50 bps to 13.50 per cent with effect from 10th November, 2008.
PRIVATE SECTOR BANKS
HDFC Bank has reduced its BPLR by 50 basis points to 16 per cent, effective 1st January 2009.
Yes Bank has reduced its prime lending rate by 0.50 per cent which accordingly stands reduced to 16.5 per cent from the earlier 17 per cent.
ICICI bank has cut its lending rates by 0.5 percentage point to 16.75 per cent from 17.25 per cent with effect from 31st December 2008.
OTHERS
Among foreign banks, Citibank lowered its benchmark lending rates by 50 bps to 15% with effect from 6th November, 2008.
Housing Development Finance Corporation (HDFC), the country's premier home loan provider reduced Retail Prime Lending Rate (RPLR) by 0.5 percentage point to 14 per cent from 14.5 per cent with effect from 25th March 2009.
Results of Banks in India-Third Quarter ended December 2008
Axis Bank
Net profit of Axis Bank rose 63.24% to Rs 500.86 crore in the quarter ended December 2008 as against Rs 306.83 crore during the previous quarter ended December 2007. Total operating income rose 65.61% to Rs 2984.77 crore in the quarter ended December 2008 as against Rs 1802.34 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 346.50, and P/E was 7.8. The stock had 52 weeks High/Low of Rs 1040/343.
Allahabad Bank
Net profit of Allahabad Bank rose 1.21% to Rs 369.47 crore in the quarter ended December 2008 as against Rs 365.05 crore during the previous quarter ended December 2007. Total operating income rose 21.96% to Rs 1898.05 crore in the quarter ended December 2008 as against Rs 1556.23 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 42.30, and P/E was 2.8. The stock had 52 weeks High/Low of Rs 112/42.
Andhra Bank
Net profit of Andhra Bank rose 33.68%.to Rs 212.58 crore in the quarter ended December 2008 as against Rs 212.58 crore during the previous quarter ended December 2007. The net NPA stood at Rs 86 crore, representing 0.21 per cent of net advances. The NII was higher by 22.09 per cent to Rs 451.87 crore as against Rs 370.13 crore last year. As on 26th February the stock closing price was Rs 43.90, and P/E was 3.7. The stock had 52 weeks High/Low of Rs 92/35.
Bank of India
Net profit of Bank of India rose 70.38% to Rs 872.17 crore in the quarter ended December 2008 as against Rs 511.89 crore during the previous quarter ended December 2007. Total operating income rose 37.83% to Rs 4343.17 crore in the quarter ended December 2008 as against Rs 3151.11 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 220.80, and P/E was 3.9. The stock had 52 weeks High/Low of Rs 369/189.
Bank Of Baroda
Net profit of Bank of Baroda rose 41.38% to Rs 7,08.37 crore in the quarter ended December 2008 as against Rs 5,01.05 crore during the previous quarter ended December 2007. Interest earned for the quarter rose 36.83% to Rs 41,08.0 crore, while total income for the quarter rose 36.86% to Rs 49,54.49 crore, when compared with the prior year period.As on 26th February the stock closing price was Rs 212.25, and P/E was 4.4. The stock had 52 weeks High/Low of Rs 375/188.
Bank of Rajasthan
Net profit of Bank of Rajasthan rose 16.75% to Rs 49.21 crore in the quarter ended December 2008 as against Rs 42.15 crore during the previous quarter ended December 2007. Total operating income rose 42.01% to Rs 372.63 crore in the quarter ended December 2008 as against Rs 262.39 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 36.70, and P/E was 4.4. The stock had 52 weeks High/Low of Rs 148/30.
Bank of Maharashtra
Net profit of Bank of Maharashtra rose 20.20% to Rs 1,20.66 crore in the quarter ended December 2008 as against Rs 1,00.38 crore during the previous quarter ended December 2007. Interest earned for the quarter rose 24.39% to Rs 11,265.80 million, while total income for the quarter rose 31.10% to Rs 12,926 million, when compared with the prior year period. As on 26th February the stock closing price was Rs 21.70, and P/E was 3.2. The stock had 52 weeks High/Low of Rs 60/21.
Net profit of Axis Bank rose 63.24% to Rs 500.86 crore in the quarter ended December 2008 as against Rs 306.83 crore during the previous quarter ended December 2007. Total operating income rose 65.61% to Rs 2984.77 crore in the quarter ended December 2008 as against Rs 1802.34 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 346.50, and P/E was 7.8. The stock had 52 weeks High/Low of Rs 1040/343.
Allahabad Bank
Net profit of Allahabad Bank rose 1.21% to Rs 369.47 crore in the quarter ended December 2008 as against Rs 365.05 crore during the previous quarter ended December 2007. Total operating income rose 21.96% to Rs 1898.05 crore in the quarter ended December 2008 as against Rs 1556.23 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 42.30, and P/E was 2.8. The stock had 52 weeks High/Low of Rs 112/42.
Andhra Bank
Net profit of Andhra Bank rose 33.68%.to Rs 212.58 crore in the quarter ended December 2008 as against Rs 212.58 crore during the previous quarter ended December 2007. The net NPA stood at Rs 86 crore, representing 0.21 per cent of net advances. The NII was higher by 22.09 per cent to Rs 451.87 crore as against Rs 370.13 crore last year. As on 26th February the stock closing price was Rs 43.90, and P/E was 3.7. The stock had 52 weeks High/Low of Rs 92/35.
Bank of India
Net profit of Bank of India rose 70.38% to Rs 872.17 crore in the quarter ended December 2008 as against Rs 511.89 crore during the previous quarter ended December 2007. Total operating income rose 37.83% to Rs 4343.17 crore in the quarter ended December 2008 as against Rs 3151.11 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 220.80, and P/E was 3.9. The stock had 52 weeks High/Low of Rs 369/189.
Bank Of Baroda
Net profit of Bank of Baroda rose 41.38% to Rs 7,08.37 crore in the quarter ended December 2008 as against Rs 5,01.05 crore during the previous quarter ended December 2007. Interest earned for the quarter rose 36.83% to Rs 41,08.0 crore, while total income for the quarter rose 36.86% to Rs 49,54.49 crore, when compared with the prior year period.As on 26th February the stock closing price was Rs 212.25, and P/E was 4.4. The stock had 52 weeks High/Low of Rs 375/188.
Bank of Rajasthan
Net profit of Bank of Rajasthan rose 16.75% to Rs 49.21 crore in the quarter ended December 2008 as against Rs 42.15 crore during the previous quarter ended December 2007. Total operating income rose 42.01% to Rs 372.63 crore in the quarter ended December 2008 as against Rs 262.39 crore during the previous quarter ended December 2007. As on 26th February the stock closing price was Rs 36.70, and P/E was 4.4. The stock had 52 weeks High/Low of Rs 148/30.
Bank of Maharashtra
Net profit of Bank of Maharashtra rose 20.20% to Rs 1,20.66 crore in the quarter ended December 2008 as against Rs 1,00.38 crore during the previous quarter ended December 2007. Interest earned for the quarter rose 24.39% to Rs 11,265.80 million, while total income for the quarter rose 31.10% to Rs 12,926 million, when compared with the prior year period. As on 26th February the stock closing price was Rs 21.70, and P/E was 3.2. The stock had 52 weeks High/Low of Rs 60/21.
Wednesday, April 29, 2009
2008 Financial Services Outlook Delves Into Hot Banking Trends
In this environment of real-time and speed-to-market emphasis, IT budgets and strategies still are planned relatively far in advance. So there's added pressure on bank technology executives and the partners and solutions providers with which they work to anticipate and respond to sudden market changes and industry upheaval (you know, little things like credit crises and CEO turnover).
The risk is that IT investments can get sidetracked and customer- and growth-oriented initiatives become derailed. It's a tough balancing act, further complicated by CIOs' efforts to try to figure out how their plans compare not only with those of their peers and competitors within the banking industry, but also to the strategies of their counterparts in the securities/capital markets and insurance industries.
In an effort to rationalize the process, Bank Systems & Technology, along with its sibling brands in CMP Technology's Financial Technology Group, went to the experts across the financial services industry to create the 2008 Financial Services Outlook that appears in this issue. Our entire editorial team — BS&T's Nancy Feig and Maria Bruno-Britz; Anthony O'Donnell and Nathan Conz from Insurance & Technology; and Penny Crosman, Ivy Schmerken and Melanie Rodier from Wall Street & Technology — collaborated to report on what technologies and trends will be hot (and maybe not so hot) in financial services in 2008.
We polled a cross-section of industry executives to come up with a preview of IT spending priorities and delved into some of the technologies expected to have the most impact on the business in the coming year. The outlook also identifies several of the challenges different banking business segments are likely to face, as well as some of the executives, companies and industry players we think will be in the headlines in 2008.
One thing you don't need to be a psychic to figure out: There's going to be more scrutiny and demand for deliverables for any kind of technology initiative, whether it has to do with customer experience, mobile banking or risk management. To get a sense of how financial services companies are going to cope, read on.
Source: Banktech.com(author:Katherine Burger)
The risk is that IT investments can get sidetracked and customer- and growth-oriented initiatives become derailed. It's a tough balancing act, further complicated by CIOs' efforts to try to figure out how their plans compare not only with those of their peers and competitors within the banking industry, but also to the strategies of their counterparts in the securities/capital markets and insurance industries.
In an effort to rationalize the process, Bank Systems & Technology, along with its sibling brands in CMP Technology's Financial Technology Group, went to the experts across the financial services industry to create the 2008 Financial Services Outlook that appears in this issue. Our entire editorial team — BS&T's Nancy Feig and Maria Bruno-Britz; Anthony O'Donnell and Nathan Conz from Insurance & Technology; and Penny Crosman, Ivy Schmerken and Melanie Rodier from Wall Street & Technology — collaborated to report on what technologies and trends will be hot (and maybe not so hot) in financial services in 2008.
We polled a cross-section of industry executives to come up with a preview of IT spending priorities and delved into some of the technologies expected to have the most impact on the business in the coming year. The outlook also identifies several of the challenges different banking business segments are likely to face, as well as some of the executives, companies and industry players we think will be in the headlines in 2008.
One thing you don't need to be a psychic to figure out: There's going to be more scrutiny and demand for deliverables for any kind of technology initiative, whether it has to do with customer experience, mobile banking or risk management. To get a sense of how financial services companies are going to cope, read on.
Source: Banktech.com(author:Katherine Burger)
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